KPMG tops Big Four in global growth chart

KPMG reported the strongest growth of the Big Four professional services companies in the past year, edging out Deloitte in what was another bumper year for the industry.

All four have benefited from outsize growth in their tax and advisory divisions which have outstripped a steadier market for their audit services, their core business.

KPMG reported global revenues of $19.8bn, up 12.7 per cent in local currency terms. This compared with a 12.6 per cent increase to $23.1bn at Deloitte, 11 per cent to $21.1bn at Ernst & Young while PwC grew 10.5 per cent to $25.2bn.

Growth at KPMG was led by its tax and advisory divisions, which between them represent just over half of the business, and saw growth of more than 20 per cent in dollar terms. Audit, the other half, grew 13 per cent in dollar terms.

Further details on: FT.com

Are you a workaholic?

1. I prefer to do most things myself rather than ask for help.
2. I get impatient when I have to wait for someone else or when something takes too long
3. I get irritated when I am interrupted while I am in the middle of something.
4. I find myself doing two or three things at one time, such as eating lunch and writing a memo while talking on the telephone.
5. I feel guilty when I am not working on something.
6. It's important that I see the concrete results of what I do.
7. Things just never seem to move fast enough or get done fast enough for me.
8. I lose my temper when things don't go my way or work out to suit me.
9. I find myself continuing to work after my co-workers have called it quits.
10. I get angry when people don't meet my standards of perfection.
11. It is hard for me to relax when I'm not working.
12. I spend more time working than socializing with friends, or on hobbies or leisure activities.
13. I forget, ignore or minimize celebrations such as birthdays, reunions, anniversaries or holidays.
14. Quite often I take work home
15. Sometimes, I work on weekends and holidays
16. Sometimes I skip or shorten my lunch breaks
17. Usually, I can't miss a day of work because I will fall too far behind
18. Is it important for me to do things better than others
19. Sometimes, I find it difficult to enjoy leisure because I can't stop thinking about problems at work?
20. I am not able to maintain a good balance between your work and private life
21. I talk about my work during lunch break
22. I talk about my work during meeting with friends
23. It is okay to work long hours if you love what you are doing
24. I think about your work while driving, falling asleep or when others are talking
25. I believe that more money will solve the other problems in my life?
If you answer "YES or TRUE" to 7 or more of these questions you may be a WORKAHOLIC.
RELAX! YOU ARE NOT ALONE!
Remember
There are three major downsides to being a workaholic:
1) leisure deficit,
2) health risks,
3) relationship losses.

Three words from Japan

In Japan, the “Big Four auditors” are:
* ShinNihon (Ernst & Young)
* AZSA & Co. (KPMG)
* MISUZU Audit Corporation (PwC)
* Tohmatsu - (Deloitte)

In-charge is called - kacho
Supervisor is called - kakaricho
Manager is called - bucho

KPMG launched KPMGGo Magazine on You Tube

KPMG Go is the official campus video channel and magazine from KPMG -- the audit, tax and advisory firm.
Designed so you can get an inside look into KPMG -- this channel will allow you to get a feel for the culture, meet the people, and see the amazing career opportunities awaiting at KPMG.
Website: http://www.kpmg-go.com
http://www.youtube.com/user/KPMGGo
Really powerfull video promoting KMPG: "We work at KPMG"

IFRS 69: Accounting for Girl Friends

Objective:
The objective of IFRS 69 is to prescribe the accounting treatment for Girl friends. The principal issues are the timing of recognition of a female friend as a girl friend, the no. of days the relationship can be carried on and any write down in this romantic relationship. It also provides guidance on the methods to be employed to make GF.

Scope:
This IAS applies to all GF's except those whose father, brother, ex-boyfriends or prospective boyfriends are working in police, army, intelligence agencies or political organizations or 6+ feet tall, have muscular body and know kung fu, judo or any other marshal art.

Definitions:
The following terms are used in this Standard with the meanings specified:
LOVE is a serious mental disease, mostly found in old Indian movies, dramas and Urdu literature.
FLIRTING is the modern form of love; this disease came from Hollywood movies, new Indian movies, internet, mobile phones, and English literature.
MARRIAGE is a long term liability as a result of PAST events that is expected to be settled by increasing the population, decreasing the health and money.
GIRL FRIEND is a current asset as a result of past efforts that is probable to generate future dates, physical contact and gifts. If not properly handled may become long-term liability i.e. wife.
BOYFRIEND-SPECIFIC VALUE is the present value of the future dates that a boyfriend expects to realize from continuing use of the GF over its useful life and from its disposal to his another friend at the end of the flirting term FLIRTING TERM is the higher of the following:
-from your first conversation till the time the GF father catches you -from the time of your first date till your GF get married with another person ,in which case she will become your ex-GF.
-from the time of your first date till you get married with your GF, afterward it will become a suffering term.

RECOGNITION
A girl shall be recognized as a girl friend if, and only if:
(a) it is probable that future physical benefits associated with the girlfriend will flow to the boyfriend,
(b) no possibility of GF becoming a long term liability (wife) exists and
(c) the expenditures to be incurred (e.g. in respect of gifts, cards etc ) can be measured reliably Female Cousins, younger sisters, and other female friends associated with the girlfriend should not be recognized. However, beautiful and bold ones should be declared in the flirting statement if and only if it is probable that they are expected to result in prospective girlfriends.

MEASUREMENT OF USEFUL LIFE OF GF
All the following factors shall be considered in determining the useful life of a GF:
(a) Expected "usage" of the girlfriend.
(b) Expected "physical" wear and tear, which depends on "operational" factors such as the number of "shifts" the GF is to be used.
(c) Technical or commercial obsolescence arising from changes in fashion or "service output" of the GF.
(d) "Legal" or similar limits on the "use" of the GF.

DERECOGNITION
The Girl Friend shall be derecognized:
1. at the end of the useful life of GF or flirting term whichever is earlier,
2. when no future benefits are expected from her or her disposal or 3. when remote possibility of GF becoming long term liability occurs.

DISCLOSURE
The flirting statement shall disclose, for each "class" of GF:
a) Total no. of GFs with:
- age of GF
- complexion, face cut
- the useful life of each GF
- email address, residential address and mobile no. of each GF
- any "special" benefits that may have been derived from the GF
b) A reliable estimate of the boy friend regarding no. of expected GFs for each class of GF.
c) A reliable estimate of the expenditures to be incurred (e.g. in respect of gifts, cards etc) for each class of GF.
d) BOYFRIEND-SPECIFIC VALUE with respect to each class of GF.

Source....

The winners: Accountancy Age Awards 2007 announced!

All the winners from the 2007 Accountancy Age Awards ceremony. Find out who won in the areas of practice, business, software, the internet, individual achievement and, of course, the reader-voted categories

Employer of the Year
Winner: BDO Stoy Hayward

'BDO's employees have provided the firm with a great recruitment advert, backing them far more strongly than those of other firms this year, despite the strength and depth of competition'

Global Firm of the Year
Winner: KPMG
The judges said: 'KPMG showed phenomenal client development that made for significant achievements. They have moved to a new structure and showed examples of new services, innovation and great customer delivery. This is a firm demonstrating what it means to lead as a global player.’

Audit Team of the Year
Winner: KPMG
The judges said: ‘This was a team with excellent growth achievements, clear signs of innovation and great testimonials from clients. There’s a real sense of change going on in the team with some bold initiatives. An entry that could not be ignored.’

Tax Team of the Year
Winner: PricewaterhouseCoopers
The judges said: 'The standard in this entry was incredibly high and demonstrated an innovative approach. This is a team that clearly has some very bright people in it.'

Details...

Accountants Suing PwC for Overtime

The lawsuit against a Big 4 firm reaches the class certification stage.

Former accounting employees are suing PricewaterhouseCoopers, alleging they were improperly denied overtime pay and other benefits when they worked for the firm.

On Wednesday, two former unlicensed accounting associates of PwC filed a motion that seeks to certify a class of all associates and senior associates employed by the accounting firm in California.
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The lawsuit, which has been pending for more than a year, is the first to reach the class certification stage against one of the Big 4 accounting firms, according to Kershaw, Cutter & Ratinoff, which is representing the plaintiffs.

Specifically, the plaintiffs contend that under California law, only certified public accountants can properly be classified as exempt from receiving overtime.

Details on CFO.com

PricewaterhouseCoopers - Still Top of the Pyramid

PricewaterhouseCoopers remains top dog among the Big Four firms.

With 2007 revenues of $25.1 Billion, PwC roars up with 14.4% growth in revenues from 2006 and remains ahead of Deloitte by $2 billion.

Advisory increased 14.6% to US$5.7 billion; tax services was up 15.1% to US$6.3 billion; assurance up 6.7% to US$13.1 billion

Central and Eastern Europe revenues were up strong at 22.4%, South and Central America up 19.1%; Asia up 18.8%; Western Europe up 9.4% and North America increasing 7.8%

Partners were 8,576 in 2007, up from 8,280 in 2006. There were 146,767 employees in 2007, up 142,162 in 2006. Deloitte has grown faster in employees, so appears PwC is somewhat more efficient in terms of productivity, though Deloitte seems to have more latent capacity to be used in 2008.

An overall analysis will be done here when KPMG and EY results are available. From big4.com